Square Enix partners with Japanese gaming company Gumi to develop the metaverse

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Major game developer Square Enix and Japanese financial conglomerate SBI Holdings have invested in mobile game developer Gumi's new metaverse.

Japanese company Gumi specializing inmobile games, announced a business alliance with fellow game developer Square Enix and one of Japan's largest financial companies, SBI Holdings. As part of the deal, Gumi will issue $53 million worth of shares - SBI will receive 22.46% of the shares and become the largest holder, and Square Enix - 3.01%.

Gumi will direct new investments to developmentmetaverse. The company said the funds will help it develop its products much faster. According to a press release, Gumi developers are actively working on their metaverse to make it the second main source of income outside of mobile games.

SBI Holding acquired a cryptocurrency exchange in MayBitpoint for nearly $100 million to serve as a platform for Gumi to list tokens for their future games. The company's management believes that the placement of tokens on international platforms is inconvenient for Japanese users. Square Enix will help Gumi in the development and development of the metaverse.

“The market for the metaverse is expanding, and technologyfor them are constantly improving. In the future, games on the blockchain will be popular, and we want to use not only the technical advantages of our metaverse, but also the platform for the sale and exchange of tokens for it,” the press release says.

Earlier, Square Enix announced the game Symbiogenesis, its first cryptocurrency project since the company almost left traditional gaming. The project will be dedicated to NFT.